June 1, 2001
Sandusky, OH -- Cedar Fair, L.P., a publicly traded partnership which owns and operates five amusement parks and four water parks, today announced that it has completed the acquisition of Oasis Water Park for a cash purchase price of $9.1 million.
Oasis Water Park, located in Palm Springs, California, is a 16-acre seasonal operation that entertains more than 200,000 guests per year. The park offers more than 20 separate water rides and attractions, including 13 water slides, a giant wave pool, a lazy river inner tube ride and a children's activity area, as well as various food and merchandise shops. The acquisition also includes a health club, which is located next to the park and operates year-round, and 5 acres of adjacent land, which is undeveloped and available for future expansion. Cedar Fair has assumed the complete operations and management of the park as of today.
"Oasis Water Park represents an excellent opportunity for us and will be an ideal addition to our current group of California water parks," said Richard L. Kinzel, president and chief executive officer of Cedar Fair. "We are very pleased with the success of our two Knott's Soak City U.S.A. water parks in Southern California, and we see further expansion in this area as a solid opportunity for growth. Our long-term plans include renaming the park Knott's Soak City U.S.A.-Palm Springs beginning in 2002 and marketing the park in tandem with our other California water parks."
Kinzel concluded by noting that the Partnership hopes to complete its previously-announced acquisition of the Michigan's Adventure Amusement Park within the next few days.